制度距离对海外子公司经营绩效的影响——基于信号理论视角下母公司ESG的调节作用研究  

The Impact of Institutional Distance on the Business Performance of Overseas Subsidiaries:A Study on the Moderating Role of Parent Company ESG Based on Signaling Theory Perspective

作　　者：肖挺 陈周永 XIAO Ting;CHEN Zhouyong(School of Digital Economics,Jiangxi University of Finance and Economics,Nanchang 330013,China;School of International Economics and Politics,Jiangxi University of Finance and Economics,Nanchang 330013,China)

机构地区：[1]江西财经大学数字经济学院,江西南昌330013 [2]江西财经大学国际经济与政治学院,江西南昌330013

出　　处：《经济经纬》2025年第2期121-133,共13页Economic Survey

基　　金：国家自然科学基金地区科学基金项目(72262015);江西省2023年度研究生创新专项资金项目(YC2023-B149)。

摘　　要：基于信号理论的视角,利用2010—2021年上市企业海外子公司的面板数据检验了在母公司ESG积极信号调节下制度距离影响其海外子公司经营绩效的效应及其作用机制,结果表明:制度距离对中国企业海外子公司经营绩效产生不利影响,且东道国民众对海外子公司的负面认知以及母公司对海外子公司的资源投入在其中起到中介作用。此外,母公司良好ESG表现传递出的积极信号能有效缓解制度距离对其海外子公司经营绩效造成的负面影响。有中介的调节机制表明,母公司ESG缓解制度距离的不利影响部分通过减少东道国民众对海外子公司的负面认知以及增加母公司对海外子公司的资源投入发挥作用,即母公司ESG起到有中介的调节作用。最后,母公司ESG作为积极信号缓解制度距离不利影响的效果在不同东道国以及企业性质间存在差异。研究结论为中国海外子公司更好地“走下去”提供了重要的政策启示。From the perspective of signaling theory,this study utilizes panel data of overseas subsidiaries of listed companies from 2010 to 2021 to examine the effect of institutional distance on the operating performance of overseas subsidiaries,as well as its mechanism of action,under the positive ESG signaling of the parent company.The results indicate that institutional distance has an adverse impact on the operating performance of Chinese firms’overseas subsidiaries.Moreover,the negative perceptions of host country residents towards the overseas subsidiaries and the resource allocation from the parent company to the overseas subsidiaries play mediating roles in this relationship.In addition,the positive signals sent by the parent company’s good ESG performance can effectively mitigate the negative impact of institutional distance on the operating performance of its overseas subsidiaries.The mediating mechanism reveals that the parent company’s ESG(Environmental,Social and Governance)practices mitigate the adverse effects of institutional distance partly by reducing the negative perceptions of host country residents towards the overseas subsidiaries and by increasing the parent company’s resource allocation to these subsidiaries.In other words,the parent company’s ESG performance plays a mediated moderating role.Finally,the effect of the parent company’s ESG as a positive signal in alleviating the adverse impact of institutional distance differs across different host countries and firm characteristics.The conclusions of the study provide important policy implications for Chinese overseas subsidiaries to better“go global.”

关 键 词：制度距离 ESG表现 海外子公司 经营绩效 

分 类 号：F270[经济管理—企业管理]